Time Warner's stock is falling on news that Trump still opposes the AT&T merger

President-elect Donald Trump is still against the merger between AT&T and Time Warner, because he thinks it would consolidate power too much in the media, according to Bloomberg’s Gerry Smith and Joshua Green, who cite “people close to” Trump.

Shares of Time Warner fell roughly 3% on the news, but recovered some ground and are now down 1.3%.

Trump hasn’t spoken publicly about the merger since he railed against it on the campaign trail.

However, “Trump told a friend in the last few weeks that he still considers the merger to be a bad deal,” Bloomberg reports, as does Steve Bannon, a close Trump advisor.